Shiba Inu (SHIB) has witnessed an extraordinary surge in its monthly burn rate, soaring by an astonishing 2300% amidst fluctuations in SHIB’s price.
In a development that has captured the attention of the cryptocurrency community, Shiba Inu, often touted as the “Dogecoin killer,” experienced a remarkable increase in its monthly burn rate as March drew to a close and April began.
This surge has generated significant interest among crypto traders and investors worldwide, coinciding with a notable upward price movement witnessed by SHIB over the past 30 days, fueling optimism surrounding the token.
Throughout the past month, the Shiba Inu community has fostered considerable investor enthusiasm by introducing numerous upgrades to the meme coin’s ecosystem, accompanied by the substantial increase in burn rate.
Despite these advancements, Shiba Inu has recently entered a consolidation phase, prompting speculation among crypto enthusiasts.
According to data from Shibburn, the meme coin’s burn tracker, a staggering 15.64 billion SHIB tokens were burned in March, marking a 2330% increase in the monthly burn rate. This surge, resulting from 217 transactions initiated by the community, has bolstered optimistic market sentiment as the token’s supply experienced a significant reduction. Notably, the total number of tokens burned from Shiba Inu’s initial supply now stands at 410.72 trillion SHIB.
Concurrently, SHIB has reflected this optimism with a substantial monthly surge, reaching as high as $0.44 in March, according to CoinMarketCap’s data. However, the token has recently exhibited highly volatile behavior, with charts indicating a period of consolidation.
At the time of writing, the price of the Shiba Inu token has experienced a 5.48% decline over the past 24 hours, currently trading at $0.00002887. Following a period of consolidation near the $0.00003 mark in the past week, the sudden dip in price has attracted significant attention.
This price correction aligns with data from SHIB’s derivatives, which indicate a notable 11.67% decrease in open interest, coupled with a 4.30% increase in volume. With the asset entering a bearish phase, as reflected by its low OI-weighted funding rate of 0.0299%, traders are engaging in short-term trading activity.
Moreover, the Relative Strength Index (RSI) hovering around 56 suggests neither an overbought nor oversold phase for the asset, adding to the uncertainty surrounding SHIB’s price action.
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